Condo Vs. Apartment | apartment condo difference
RomanBabakin/VolodymyrKyrylyuk/AdobeStockThedecisiontorentorbuyahome[1]canimpactyourlifeforyearstocome.Formanyfirst-timehomebuyers[2],acondoisanaturalentrypointintohomeownership.Buthowdoesabuyingacondodifferfromrentinganapartment?Let’stakeacloserlook.Condovs.apartment:What’sthedifference?Thebiggestdifferencebetweenacondoandanapartmentisownership.Anapartment[3]isdefinedasaresidencethatisrented,oftenaspartofalargerresidentialbuilding.Acondo[4]canbesimilarinstructuretoanapartment—usuallyaunitwi...
Roman Babakin/Volodymyr Kyrylyuk/Adobe Stock
The decision to rent or buy a home[1] can impact your life for years to come. For many first-time homebuyers[2], a condo is a natural entry point into homeownership. But how does a buying a condo differ from renting an apartment? Let’s take a closer look.
Condo vs. apartment: What’s the difference?The biggest difference between a condo and an apartment is ownership. An apartment[3] is defined as a residence that is rented, often as part of a larger residential building. A condo[4] can be similar in structure to an apartment — usually a unit within a larger residential building — but condos are owned instead of rented. The property taxes[5] of a condo are paid by the owner; property taxes for an apartment are paid by landlords, not renters.
Because the structure of condo and apartment communities is similar, they often have comparable amenities and locations. Both kinds of units may come with benefits like a pool,...